CandleFocus Kicking the tires on this bitcoin bull market
2024-10-07
Author: Content Editor
The Empire newsletter on Blockworks.co is now available, and readers can subscribe to have the news delivered directly to their inbox. The article discusses the duration and potential growth of the current bitcoin bull market compared to previous cycles. It notes that bitcoin returns have diminished with each cycle and speculates that if it were to undergo the same growth as between 2018 and 2022, its market cap would need to reach $6.3 trillion, making it almost twice as valuable as Apple stock. The article also mentions that bitcoin has trended sideways recently and may be late to the real bull run, which could occur over the next eight months. In terms of VC funding, the crypto industry raised $823 million last month, slightly lower than August's total. DeFi remains the top category for funding raises, but there is uncertainty about regulatory clarity and the legislative environment for crypto after the upcoming election.
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